Easily Shortlist and Compare Asset Management Software That Meets Your Facilities & Equipment Management Requirements

The Asset Management Software marketplace is vast and filled with various solutions. So finding the right system can be time-consuming. The term ‘best Asset Management Software’ is also subjective. What is the best system for one company, might not be the best solution for another.

When searching for an asset management system, there are a number of factors to consider. For instance, determining what the best AMS software is for you can depend on:

• The number of workplace assets

• The budget an asset manager has

• The tasks needed to perform (asset tracking, maintenance management, automating inventory control, etc.)

• The amount of data that needs collecting

• The industry you’re operating in

• The type of software (mobile, cloud-based, web-based, on-premise, etc.)

The cost of Asset Management Software can vary depending on multiple factors. Including features, software type, and business size. As well as how many assets a business has. Prices vary from free models to enterprise products, which can cost more than £5000 a month.

Businesses also need to consider the costs associated with the deployment of Asset Management Software. Including:

• Monthly fees

• Start-up/Set-up costs

• Installation costs

• Staff training

• Hardware purchases

The cost of Asset Management Software also depends on the vendor and their product. For example, some vendors will offer a variety of pricing options depending on business size and budget. Such as Asset Panda, Invgate assets, and Manageengine Assetexplorer. Whereas other vendors model their prices for more enterprise operations. Like Infor EAM and Asset Infinity.

Fixed asset management is the process of tracking non-current tangible assets. Enabling businesses to maximise the usability of each one. It focuses on the management of physical assets that are primarily used to help generate revenue. Such as property, plant, and machinery. As opposed to current assets, such as cash and short-term investments.

Fixed assets are long-term assets, referred to as capital assets. They have a life span of one accounting year or more. Appearing on a balance sheet as Property, Plant, and Equipment (PP&E). Two examples of PP&E are IT equipment and an office building. This is because of their physical form. Noting that they will be used to generate revenue in the next few years of operations. They can also be referred to as non-liquid assets. Meaning they can't easily be converted to cash. Whereas current assets, such as inventory, can be converted to cash or used within the year.

Fixed management tools let businesses track and record their assets. With the intention of improving life cycle management. This means, when an asset reaches the end of its usable life, there is enough data to generate an estimated salvage value based on if it was broken down and sold in parts. Or, in some cases, the data will highlight the asset is no longer valuable. Recommending that it should be disposed of without receiving payment.

Finance managers and accountants typically take an interest in knowing how assets are managed. To ensure correct management as per accounting standards. For instance, there are specific depreciation protocols to be followed with fixed assets. Especially when compared to leased assets, which are treated differently to owned assets. Because of this, the IFRS has defined specific standards to manage different types of assets. For example, IAS 16 relates to the management of property, plant and equipment.

Asset Management Software provides multiple features for various tasks. Meaning a system can be used by a number of different stakeholders. For instance, an AMS solution will be used by:

• Asset managers

• Inventory and stock managers

• Facility managers/Landlords

• Technicians/Engineers

• CFOs

• Maintenance teams

• Accountants/Financial teams

Asset Management Software is also used across a wide range of asset-heavy industries. Including small and medium businesses (SMBs)as well as large enterprises. Typical industries that benefit from digitalised asset management include:

• Manufacturing

• Engineering

• Construction

• Education

• Hospitality

• Chemicals

• Healthcare

• Oil, gas, and utilities

Both asset management and asset tracking can be lumped in the same category. For instance, asset tracking tools are often included in most Asset Management Software. The two systems go hand-in-hand when it comes to recording data. But, when compared, there are various differences between the two.

Asset Tracking Software can be purchased as a stand-alone solution. It is utilised for inventory, equipment, and fleet management. Focusing on real-time tracking and recording of assets. This enables businesses to collect data to build an accurate asset register.

Asset tags enable users to view an asset's current state in real-time. Including location and users. This is possible with the use of Barcodes, RFID tags, and GPS trackers. Real-time data is useful for locating lost or stolen assets. As well as reducing ghost assets and cutting purchasing costs.

Asset Management Software, on the other hand, offers a more complete package. It provides features to manage assets in a way that maximises usability and ROI. A key function of Asset Management Software is ensuring life cycle management. This helps forecast the acquisition of future assets. As well as allowing asset managers to assess and conduct the disposal of ageing assets.

AMS tools also allow businesses to manage planning and budgeting. As well as maintenance management and service management.

By tracking and recording assets, Asset Management Software improves inventory and lifecycle management. With an AMS system in place, businesses can collect critical data. Such as real-time location, total and current usage, user permission, and maintenance schedules.

Without asset management, businesses can encounter a number of problems. Including a lack of real-time data and being unaware of an asset’s total cost of ownership. As well as a lack of sharable data between teams and constant spending on lost or stolen assets.

But, with Asset Management Software, businesses can reduce these issues and work towards solving them.

Lack of Control Over Business Assets

Asset management lets businesses consistently track and record the lifecycle process of an asset. With this, they can understand the process that an asset will take from acquisition to disposal. This involves collecting data such as location, user, and maintenance.

Lack of Real-Time Data

With tracking and asset tag features, businesses can collect data in real-time. Tools such as RFID tags and GPS trackers provide data such as real-time location. As well as work order status and live updates. Unlike spreadsheets, real-time data can be updated and added to an asset register. This helps to eliminate all forms of human error.

Unaware of the Total Cost of Ownership (TCO)

With the right data, businesses can calculate an assets TCO with greater accuracy. Data includes maintenance reports, performance, and usability. This can help to reduce spending on asset acquisition. As well as optimise an asset’s usability through scheduled maintenance and repairs. Helping to determine when ageing assets need replacing or disposing.

Lack of Shareable Data Between Teams

A benefit of Asset Management Software is the use of one central data hub. This hub can be accessed and updated across all teams and departments. Meaning all stakeholders can have access to data.

Lost or Stolen Assets

Lost and stolen assets have an impact on business operations and costs. With 25% of employees admitting to losing work assets. But, with real-time data through tracking and tagging features, this percentage can be reduced. Managers can access data such as real-time location and who an asset was last used by. For instance, fleet management can be improved with the use of a GPS tracker installed in a company vehicle.

Asset auditing is the process taken to verify a business’s ownership of its physical assets. An audit cross-checks a company’s list of assets and determines if they exist or not. This can also be known as an inventory stock-take or a wall-to-wall audit.

Physical assets can be hard to track down when performing asset management manually. Especially as assets can be moved between sites or even replaced. But, with software, businesses can identify exactly where their assets are located. This can be helped with the use of asset tags such as Barcodes and GPS trackers.

There are two types of asset audits; internal and external. Each asset audit can benefit from the features provided by Asset Management Software. Especially when it comes to creating and storing data in an asset register. Data includes location, purchase price, user history, and maintenance history. With access to a digitalised asset register, an asset audit can help to:

• Calculate asset depreciation

• Identify and eliminate ghost assets

• Reduce insurance costs

• Ensure compliance with licences

• Determine an asset’s lifecycle stage

There are multiple types of asset management solutions commonly used in business. Two main types are on-premise and cloud-based tools. On-premise tools store all data on-site, on local servers. Whereas cloud-based tools collect data and host it on the server of a vendor. Making it accessible with only an internet connection. This way of storing data and accessing it through a cloud-based system is a popular choice. Especially with smaller businesses that have no room to host servers. 82% of vendors have built their applications for cloud delivery.

An on-premise system is deployed on the grounds of a business. Whether that be in the workplace or at a separate location. Implementing a hard-wired system can have its advantages. Such as extra security and greater control. However, this can come with a hefty price tag. Consider costs such as server space and employment of on-site IT maintenance teams. As well as purchasing hardware.

A cloud-based asset management tool, however, can prove cost-efficient. It has minimal upfront costs and is purchased on a subscription pricing model. Most solutions have a very low implementation timescale, too. Allowing vendors to deploy the system instantly and make it available through an app.

The centralised hub of a cloud-based tool means data is accessible to all teams, departments, and staff. This can be useful for companies who need instant access to data across multiple sites or locations. It can also provide field employees with the information they need to make decisions when working off-site.

Another advantage of cloud-based software is the ease of access to data on multiple devices. Such as smartphones and tablets. Some tools even provide offline capabilities. Allowing teams to view data without the need for an internet connection. Whereas an on-premise solution can be strictly for office use only. Meaning data is only accessible via on-site company desktops.

In the UK, small businesses are identified as a company with a workforce of fewer than 20 people. As well as an annual turnover of £1 million to £5 million. A steady flow of revenue is only achievable with assets that contribute to day-to-day operations. But, if these assets were to break down, go missing, or sit idle, annual turnovers would decline.

One solution for utilising assets is with a small business asset management system. As well as large enterprises, Asset Management Software can prove vital to a small business’s operations, too.

Though small businesses consist of only a few assets, they tend to rely heavily on limited resources. The cost of operating or replacing assets is the difference between revenue and debt. With Asset Management Software, valuable assets can be tracked and recorded. Helping to optimise and maximise their output.

By tracking assets, businesses can gain an insight into how they are used. They can understand when an asset is used and what it is used for. Effectively being able to improve lifecycle management. As well as identifying the total cost of ownership for each asset.

Small businesses can also produce maintenance and repair schedules. Helping to reduce the impact of costly unplanned downtime through preventive maintenance. Unplanned downtime is costing businesses up to $260,000 (£200,000) a year in the manufacturing industry alone.

As well as correcting downtime, asset management tools have the ability to track assets in real-time. Businesses can track and record an asset’s location, see where it was last used, and who it was last used by. This data is collected with tracking and tagging tools such as RFID tags, GPS trackers, and Barcodes. This data leads to a reduction in lost and stolen assets, which can be expensive for a small business to replace.

Businesses use asset management tools to maximise asset usability. As well as store asset data in one centralised system. Whilst also identifying risks, tracking usage, and reducing unnecessary expenditure.

Assets can be made up of anything, from inventory and IT equipment to buildings and vehicles. The key to managing these assets is having the ability to track them in real-time. This can either be inside the workplace or assets that are moving in and out. Real-time tracking is achievable with tools such as RFID tags and GPS. Each can be found in most Asset Management Software systems.

With real-time tracking, managers are able to record critical data like work orders and total usage. This helps to build a complete and accurate asset register and significantly reduce data errors. Tracking features can also eliminate the need for error-prone tools, such as spreadsheets.

Collecting data is crucial in a business’s attempt to build an effective life cycle for each asset. An asset life cycle is broken into four stages. These are planning, acquisition, operation & maintenance, and disposal. By recording data from existing assets, asset managers can highlight the need for future acquisitions. With the aim of improving operations.

Once an asset has been acquired and deployed, it is then tracked. This lets asset managers know how an asset is being used. With this information, they can accurately know when it is time to dispose of ageing assets. Doing so in the most efficient and cost-saving manner for the business.

The need to reduce spending is also an essential reason for managing assets. With access to asset management tools and accurate data, businesses can work with more precise budgets and forecasts. With real-time tracking, they’re able to identify the current and historical location of each asset. Enabling them to reduce replacement costs of lost or stolen equipment.

Another advantage of managing assets is the ability to build maintenance and repair schedules. Having a schedule in place is essential for reducing unplanned downtime. This can be best achieved through preventive and active maintenance for business-critical assets.

Although cost-effective, using spreadsheets to manage and track assets can prove costly. If not now, then most likely in the long-term. Spreadsheets can inflict more harm than good as a business grows.

Not only do spreadsheets lack features, but they also increase the likelihood of incorrect data. False data most commonly accumulates at the manual input stage. Occurring in the form of duplicated fields and typing errors. This type of human error can be disastrous for business. Especially smaller businesses. Human error cost UK businesses an estimated £98.6 billion in 2015 alone.

Errors become more common and undetectable as a business expands. With more assets moving in and out of the workplace, the process of logging data intensifies. Spreadsheets also have a lack of usability and accessibility. As well as giving no indication as to who or how many users have updated a file. There is also no audit trail, making it difficult to keep accurate counts of inventory.

Asset Management Software excels as a spreadsheet alternative. A tool with tracking capabilities can help reduce errors and improve the accuracy of data. Accessibility is enhanced through the use of cloud-based technology, too. Alerting managers and employees when data has been edited or updated.

An asset management system lets businesses observe, track, and maintain assets throughout their entire lifecycle. This is asset lifecycle management; a process to extend the usable life of an asset. While also maintaining optimum performance levels.

Collecting asset lifecycle data helps businesses to grasp the total cost of ownership. While also understanding how each asset can be utilised in day-to-day operations. With this data, a business can determine when an ageing asset is deteriorating. Allowing asset managers to calculate depreciation value. Essentially helping to reduce future spending by effectively planning for its disposal.

The asset lifecycle can be split into four stages:

Planning

Planing can be viewed as a simple, yet crucial, stage of the asset lifecycle process. It is a stage that analyses trends and evaluates data from existing assets. Businesses can generate reports and accurately understand the need for acquiring a new asset.

Acquisition

Once an asset has been identified, it is acquired and installed. The process of tracking and managing the asset then begins at an early stage. Effectively collecting accurate data for any other future acquisitions.

Operation and Maintenance

After an asset is installed, it can begin to perform its operational duties. If all goes well, this stage will be an asset's most prolonged in its lifecycle. To help extend an asset’s operational life, a maintenance and repair schedule is needed. This can be achieved through preventive, active, reactive, or emergency maintenance.

Renewal/Disposal

Finally, at the end of its lifecycle, an asset is either sold, re-purposed, thrown away or recycled. Businesses can understand an asset’s total cost of ownership and decide whether to dispose of or replace it. The data may highlight that the asset is no longer valuable and should be scrapped. Either by dismantling it and selling it for parts or disposing of it without receiving any payment. If there is still a purpose for the asset, a replacement can be purchased and the lifecycle begins again.

Open source Asset Management Software can be modified, inspected and enhanced to match operational needs. This is possible when a software vendor grants access through the purchase of a licence. With most open-source software, changes can be made by editing and adding lines of code in the source code.

By having access to the source code, businesses can essentially edit the platform and create their own version. As opposed to proprietary, or closed software, which allows only the author to alter the software. With access, in-house programmers are able to customise layouts and even improve security and privacy. All while adding a personal brand to make the system more familiar with your team.

There are various benefits of an open-source asset management solution. With an increase in security being one main advantage. If an employee discovers a security flaw or bug in the source code, in-house teams can provide an instant fix. Whereas with closed software, businesses may have to wait for the vendor to make any critical changes.

Other advantages of open source software include customising fields, tabs, reports, and user roles. It also lets businesses edit user entries. Allowing teams and departments access to information that may not be available to others.

Asset Management Software can be coupled with various features to help track business assets. Whether that be tracking an asset’s location in real-time or tracking its total usage. With the underlying outcome to understand how each asset is being utilised.

A Real-Time Location System (RTLS) lets businesses see the exact location of an asset. This is possible with most RTLS-enabled devices, such as RFID tags, Bluetooth receivers, or GPS trackers. These devices have a variety of uses in the workplace. Such as using GPS trackers to locate a fleet of company vehicles. They can also be used to identify and eliminate ghost assets. As well as reduce the amount of lost or stolen equipment and inventory.

With an RTLS, businesses can build a historical location log. Seeing which employee used an asset and knowing the exact location of its current whereabouts. It can also indicate how long an asset is active during operations. As well as how long an asset has been idle during maintenance and repairs.

Asset data is crucial for developing a complete asset life cycle. Knowing the life cycle of each asset is essential for productivity. It can highlight the need for certain assets in the company and produce effective maintenance and repair schedules. Helping to avoid unplanned downtime and work out the best option for disposal or replacement. All with the intention to maximise an asset’s overall ROI.

Mobile devices have become a common feature in the workplace and with asset management solutions. In fact, 60% of employees use mobile devices for work-related activity.

A key feature of using Asset Management Software on mobile devices is the ease of accessibility. Always attached to a person, a mobile device is likely to always be within arms reach. Employees can also have regular access to an asset register. Whether on-site or in the field.

An asset register will include essential data that can be updated and edited from anywhere. This is handy for field employees who are working away from the office. It can also be used in businesses that have multiple site locations. Such as construction and logistics companies.

With built-in radio antennas, mobile devices can be configured to act as a receiver. Allowing them to communicate with devices like RFID tags and Bluetooth receivers. This gives access to real-time data and can be used to track an asset’s location. A smartphone’s hardware features, such as a camera, also has the ability to scan Barcodes and QR codes.

Other benefits to mobile asset management include alerts for asset availability. This can be useful if a business is operating an equipment checkout system. As well as knowing the status of work orders, and having instant access to reports and budgets.

Assets and inventory are essential when it comes to generating revenue. Whether that be raw materials, stock, fleets, machinery, or employees. But, deciding on the best way to manage them and choosing the right software management tool can be tricky. That’s why it’s important to define what assets and inventory are:

• Assets are what you own

• Inventory is what you sell

Before implementing either type of software, it’s important to understand the stakeholder’s needs. For example, one essential stakeholder would be an asset manager. An asset manager would need access to the right tools to carry out their responsibilities. The role of an asset manager includes:

• Identifying and quantifying risks

• Assigning assets

• Providing evidence for compliance

• Monitoring and reporting on individual assets

• Forecasting future procurements

Benefits of an Asset Management System

Implementing Asset Management Software lets businesses track, monitor, and analyse the things they own; assets. An effective system will provide the tools to make the most cost-effective decisions when it comes to acquiring. As well as maintaining and disposing of assets. Resulting in an improved ROI for each asset. Typical benefits include:

• Real-time asset life cycle tracking

• Monitor and collect accurate data

• Forecast future procurements and budgets

• Reduce maintenance costs and unplanned downtime

Benefits of an Inventory Management System

An inventory management system incorporates both raw materials and finished products. Inventory managers can track, maintain, and control stock levels. As well as automate ordering processes to keep within stock level thresholds. Effective management is essential for businesses who rely on sales to increase their bottom line. Typical benefits include:

• Reducing replacement costs for lost or stolen inventory

• Maintaining stock levels to keep up with demand

• Automate manual tasks such as stock-taking and ordering

• Avoid over-ordering of stock

The time will come when, after weeks of searching and enquiring, all Asset Management Software looks similar. But, with our specialised algorithms and comparison tools, we can help. Comparesoft provides a list of the best asset management solutions that match a business's needs.

Our goal is to eliminate the painful process of search and comparison, making it as simple as possible. By providing us with requirements, we will help to find the right solution for every business.

We take a business's information and compile a catalogue of product results within minutes. This is based on a business's asset types, quantity, and industry. Businesses take a deeper look into each product with our information-packed profile pages. As well as shortlist and compare products against each other.

Before we list any Asset Management Software system, we ask each vendor to demo their product to us. This way, we can ensure each product matches our high-quality standards. We also rank and recommend each product based on verifiable data. As well as feedback from past customers who have used the product.